مجلة الدراسات التجارية والاقتصادية المعاصرة
Volume 9, Numéro 1, Pages 191-209
2026-01-20
Financial Portfolio Management Between Markowitz Analysis And Behavioral Finance
Authors : Noureddine Abdelkader . Boufatah Belkacem .
Abstract
.The purpose of this study is to examine the theoretical and practical evolution of financial portfolio management from the normative foundations of Markowitz's Modern Portfolio Theory (MPT) to the descriptive insights of behavioral finance. Using an analytical descriptive approach, this article argues for a necessary synthesis of these paradigms. The main findings demonstrate that while MPT provides an essential quantitative framework for optimization, its core assumptions of rationality and market efficiency are systematically violated by documented investor behaviors such as loss aversion, mental accounting, and herding. Conversely, behavioral finance, through constructs like Prospect Theory and Behavioral Portfolio Theory (BPT), accurately describes these behaviors but lacks a unified normative standard for portfolio construction. The study concludes that a synthesized framework, which integrates the mathematical rigor of mean-variance optimization with adjustments for cognitive biases and psychological utility, produces superior outcomes. This integration yields theoretical models with greater explanatory power for market anomalies and practical strategies that enhance client adherence and goal attainment by designing portfolios that are both efficient and behaviorally robust. Ultimately, the research finds that behavioral finance has profoundly grounded portfolio theory in psychological reality, though declaring its outright superiority over MPT remains premature, highlighting a fertile domain for future empirical research.
Keywords
behavioral finance ; psychological factors ; mental account ; moral benefits ; emotional benefits
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